Noryangjin New Town Accelerates... Passes Building Review Up to the Largest Zone 1

A Total of 2,992 Apartment Units Built... 2,461 Units for Sale
Noryangjin, Once Overlooked as a Residential Area, Now Offers Excellent Access to Gangnam and Yeouido
Project Gains Momentum, Leading to Significant Increase in Move-in Rights Premium

[Asia Economy Reporter Onyu Lim] The largest Zone 1 in Noryangjin New Town, Dongjak-gu, Seoul, has passed the architectural review, giving momentum to the redevelopment project.

On the 11th, Seoul City announced that the architectural plan for the Noryangjin 1 Redevelopment Promotion Zone housing maintenance-type redevelopment project in 278-2 Noryangjin-dong, Dongjak-gu, had passed the architectural committee. According to the plan, the site will feature apartment buildings with 4 basement floors and 33 above-ground floors, along with ancillary welfare facilities and neighborhood living facilities. The apartment complex will have a total of 2,992 units, of which 2,461 units will be sold and 531 units will be supplied as rental housing.

Zone 1 covers a total area of 132,132㎡, making it the largest among the Noryangjin Redevelopment Promotion Zones. It is a transportation hub located between Noryangjin Station on Subway Lines 1 and 9 and Jangseungbaegi Station on Line 7.

The city promoted the project as a special architectural zone by deploying Seoul’s public architects to ensure a harmonious and creative architectural plan. Instead of the existing uniform and monotonous apartments, the plan includes a complex with diverse shapes to create an excellent urban landscape and skyline. A public pedestrian passage up to 20 meters wide will be secured around the site to allow local residents free passage. On the southern side of the site, a neighborhood park, public office building, and kindergarten will be constructed. The upper part of the public office building will feature a sloped green space, which is also a distinctive aspect.

The housing units will include terrace-type units and open balconies that allow residents to enjoy outdoor space within their homes, and solar panels will be installed on the rooftops and sides of the main buildings. Additionally, seven different unit types will be introduced, including small-sized units for single-person households such as young professionals and newlyweds, and social mix will be applied by eliminating design differences between rental and sale units.

Zone 1 is scheduled to begin construction in 2026 after obtaining project implementation approval and management disposition plan approval.

Kim Seong-bo, head of the Housing and Architecture Headquarters of Seoul City, said, "Along with speedy housing supply, we will actively introduce open balconies and solar power facilities through architectural committee reviews to induce architectural plans that not only change building facades but also proactively respond to the post-COVID and eco-friendly era."

Noryangjin New Town covers an area of 738,000㎡ around Noryangjin and Daebang-dong and consists of a total of eight zones. Although it was designated as Seoul’s second New Town district in 2003, no projects have been completed yet. This is because interests related to the seafood market, exam villages, and academy districts were sharply intertwined. However, recently, Zones 6 and 2 in Noryangjin received management disposition approval, Zones 3 and 5 obtained project implementation plan approval, and now the slowest Zone 1 has passed the architectural review, accelerating the previously stalled redevelopment project.

The Noryangjin area has been overlooked as a residential area due to its outdated image. However, with high accessibility to downtown areas such as Gwanghwamun, Gangnam, and Yeouido, its value is expected to rise significantly once the redevelopment projects are completed. As the project gains momentum, the price of residential rights in Noryangjin New Town has also surged. For villas that can be exchanged for an 84㎡ (exclusive area) apartment, premiums have reached 800 million to 1 billion KRW. A local real estate agent in the area explained, "Since it is located close to business districts like Yeouido and Gangnam, and the project speed has recently accelerated, an initial investment of over 1 billion KRW is now required."